New Delhi: The Goods and Services Tax (GST) collections for May totaled Rs 1.73 lakh crore, marking a 10% year-on-year growth, driven by robust domestic transactions and moderated imports, announced the Centre on Saturday.
As per the Ministry of Finance, the gross GST collections for the fiscal year 2024-25 up to May reached Rs 3.83 lakh crore, reflecting an 11.3% increase compared to the previous year. After accounting for refunds, the net GST revenue for the same period stood at Rs 3.36 lakh crore, registering an 11.6% growth year-on-year.
In May, the net GST revenue, after refunds, amounted to Rs 1.44 lakh crore, indicating a 6.9% growth compared to May of the previous year.
According to the ministry, CGST collections for May amounted to Rs 32,409 crore, while SGST reached Rs 40,265 crore, and integrated IGST stood at Rs 87,781 crore, which includes Rs 39,879 crore collected on imported goods. Additionally, Cess collections totaled Rs 12,284 crore, including Rs 1,076 crore from imported goods.
For the fiscal year 2024-25 up to May, CGST collections totaled Rs 76,255 crore, SGST reached Rs 93,804 crore, IGST amounted to Rs 1,87,404 crore, and Cess collections stood at Rs 25,544 crore.
During May, the government settled Rs 38,519 crore to CGST and Rs 32,733 crore to SGST from the net IGST collection of Rs 67,204 crore. This resulted in total revenues of Rs 70,928 crore for CGST and Rs 72,999 crore for SGST after regular settlements.
Similarly, for the fiscal year 2024-25 up to May, the Central government settled Rs 88,827 crore to CGST and Rs 74,333 crore to SGST from the net IGST collection of Rs 154,671 crore, resulting in total revenues of Rs 1,65,081 crore for CGST and Rs 1,68,137 crore for SGST.
